Mortgage Pre-Approval Guide for GTA Buyers in 2026
Condo123 · March 29, 2026
Mortgage Pre-Approval Guide for GTA Buyers in 2026
If you are planning to buy a home in the Greater Toronto Area in 2026, getting a mortgage pre-approval is one of the most important steps you can take before you even start browsing listings. It tells you exactly how much you can borrow, locks in a favourable interest rate, and signals to sellers that you are a serious buyer.
Yet many GTA buyers skip this step or confuse it with a casual pre-qualification. That mistake can cost you the home you want, delay your closing, or leave you scrambling to secure financing at the last minute.
This guide walks you through the entire mortgage pre-approval process in Canada, from preparing your finances to receiving your pre-approval letter. We will cover current 2026 interest rates, explain the stress test, break down the GDS and TDS ratios with real calculations, and show you exactly what a household earning $120,000 per year can afford in the GTA today.
Whether you are a first-time home buyer or an experienced homeowner looking to upgrade, this guide has everything you need to walk into your lender appointment fully prepared.
Table of Contents
- What Is Mortgage Pre-Approval?
- Pre-Qualification vs. Pre-Approval
- Why Pre-Approval Matters in the GTA Market
- Current Mortgage Rates in Canada (2026)
- The Mortgage Stress Test Explained
- Understanding GDS and TDS Ratios
- Worked Example: What Can a $120,000 Household Afford?
- Documents You Need for Pre-Approval
- Step-by-Step Pre-Approval Process
- Insured vs. Uninsured Mortgages
- Pre-Approval for Pre-Construction Purchases
- Common Reasons Pre-Approval Gets Denied
- Tips to Strengthen Your Pre-Approval
- Frequently Asked Questions
What Is Mortgage Pre-Approval?
A mortgage pre-approval is a formal commitment from a lender stating the maximum amount they are willing to lend you, based on a thorough review of your financial situation. Unlike a quick estimate, a pre-approval involves a full credit check, income verification, and an assessment of your debts and assets.
When you receive a pre-approval, the lender will also lock in an interest rate for you, typically for 90 to 120 days. This means that even if rates rise during your home search, you are protected at the rate quoted in your pre-approval letter.
It is important to understand that a pre-approval is not a guarantee of final mortgage approval. The lender still needs to approve the specific property you choose, and your financial situation must remain stable between pre-approval and closing. However, it is the closest thing you can get to a green light before making an offer.
Pre-Qualification vs. Pre-Approval: What Is the Difference?
Many buyers use the terms "pre-qualification" and "pre-approval" interchangeably, but they are very different processes with different levels of commitment from your lender.
| Feature | Pre-Qualification | Pre-Approval |
|---|---|---|
| Credit check | No (soft inquiry or none) | Yes (hard credit pull) |
| Income verification | Self-reported | Documented and verified |
| Rate hold | No | Yes (90 to 120 days) |
| Lender commitment | Informal estimate | Conditional commitment in writing |
| Time to complete | Minutes (online or phone) | 1 to 5 business days |
| Useful for making offers | Weak — sellers may not take it seriously | Strong — demonstrates financial readiness |
| Cost | Free | Free |
Bottom line: A pre-qualification gives you a rough idea of what you might afford. A pre-approval gives you a verified number backed by documentation, a locked-in rate, and credibility with sellers. In the competitive GTA market, you want the pre-approval.
Why Pre-Approval Matters in the GTA Market
The Greater Toronto Area is one of the most competitive real estate markets in Canada. Homes in desirable neighbourhoods regularly receive multiple offers, and sellers favour buyers who can demonstrate they have their financing sorted out.
Here is why getting pre-approved matters in the GTA:
- You know your budget. Instead of guessing, you will have a firm number from your lender. This prevents you from falling in love with a property you cannot afford.
- You lock in your rate. With the Bank of Canada overnight rate currently at 2.25%, rates are favourable — but they can change. A pre-approval protects you for 90 to 120 days.
- You gain a competitive edge. In a multiple-offer situation, a pre-approved buyer is far more attractive than one who has not spoken to a lender. Some sellers will not even entertain offers without a pre-approval letter.
- You speed up the closing process. Because your finances have already been reviewed, the final mortgage approval for your chosen property moves faster.
- You identify issues early. If there are problems with your credit, income documentation, or debt levels, you want to discover them before you are in the middle of a bidding war — not after.
Ready to start browsing? Explore pre-construction and resale homes across the GTA once you have your pre-approval in hand.
Current Mortgage Rates in Canada (March 2026)
Understanding where rates stand today will help you evaluate your pre-approval offer and decide between fixed and variable options. Here is a snapshot of current mortgage rates in Canada as of March 2026:
| Mortgage Type | Rate Range | Notes |
|---|---|---|
| 5-Year Fixed | 3.84% to 4.43% | Most popular option; rate stays the same for the full 5-year term |
| Variable Rate | 3.35% to 3.40% | Tied to Bank of Canada overnight rate (currently 2.25%); rate fluctuates |
| 3-Year Fixed | 3.99% to 4.29% | Shorter commitment; useful if you expect rates to drop |
| 1-Year Fixed | 4.79% to 5.19% | Highest rates; rarely the best value unless short-term flexibility is needed |
Key takeaway: Variable rates are currently lower than fixed rates, reflecting the Bank of Canada's accommodative stance. However, variable rates carry the risk of increasing if the Bank raises its overnight rate. Most GTA buyers in 2026 are opting for the 5-year fixed rate for predictability, though the variable rate can save you money if rates remain stable or decrease further.
When you get pre-approved, the lender will lock in the rate for you. If rates drop before you close, many lenders will honour the lower rate. If rates rise, you keep your locked-in rate. This is one of the most underrated benefits of getting pre-approved early.
The Mortgage Stress Test Explained
One of the most important concepts to understand before applying for a mortgage in Canada is the mortgage stress test. Introduced by the Office of the Superintendent of Financial Institutions (OSFI), the stress test ensures borrowers can handle payments even if interest rates rise.
How the Stress Test Works
When a lender evaluates your mortgage application, they do not use your actual mortgage rate to calculate affordability. Instead, they use the higher of:
- Your contract rate + 2%, or
- 5.25%
This means that even if you qualify for a 5-year fixed rate of 3.84%, the lender will test your ability to make payments at 5.84% (3.84% + 2%). Since 5.84% is higher than 5.25%, the qualifying rate in this case would be 5.84%.
Who Does the Stress Test Apply To?
The stress test applies to all mortgage borrowers in Canada, regardless of:
- Whether you are buying with less than 20% down (insured) or more than 20% down (uninsured)
- Whether you are using a bank, credit union, or mortgage broker
- Whether you are purchasing a primary residence, investment property, or vacation home
There are no exemptions. Even if you are renewing your mortgage with the same lender, switching to a different lender requires passing the stress test again.
Impact on Your Buying Power
The stress test reduces how much you can borrow compared to what the actual payment would be. For a household earning $120,000 per year, the stress test can reduce your maximum mortgage amount by roughly 15% to 20% compared to qualifying at the actual contract rate. We will show the exact numbers in the worked example below.
Understanding GDS and TDS Ratios
Lenders use two key ratios to determine how much mortgage you can afford: the Gross Debt Service (GDS) ratio and the Total Debt Service (TDS) ratio. These ratios are central to every mortgage pre-approval calculation in Canada.
Gross Debt Service (GDS) Ratio
The GDS ratio measures the percentage of your gross (pre-tax) household income that goes toward housing costs. Housing costs include:
- Mortgage payments (principal and interest)
- Property taxes
- Heating costs
- 50% of condo fees (if applicable)
Maximum GDS ratio: 39%
Formula:
GDS = (Mortgage Payment + Property Tax + Heating + 50% of Condo Fees) / Gross Income x 100
Total Debt Service (TDS) Ratio
The TDS ratio expands on GDS by adding all other debt obligations to the equation. This includes:
- Everything in the GDS calculation, plus
- Car loan or lease payments
- Credit card minimum payments
- Student loan payments
- Lines of credit payments
- Any other recurring debt obligations
Maximum TDS ratio: 44%
Formula:
TDS = (All Housing Costs + All Other Debt Payments) / Gross Income x 100
GDS/TDS Quick Reference
| Ratio | What It Measures | Maximum Allowed |
|---|---|---|
| GDS | Housing costs as a percentage of gross income | 39% |
| TDS | All debt payments as a percentage of gross income | 44% |
If either ratio exceeds the maximum, you will need to either increase your down payment, pay down existing debts, or look at a lower-priced property.
Worked Example: What Can a $120,000 Household Afford?
Let us walk through a detailed affordability calculation for a GTA household earning a combined gross income of $120,000 per year. This is a realistic scenario for a dual-income couple in the Greater Toronto Area.
Assumptions
| Item | Value |
|---|---|
| Combined gross annual income | $120,000 |
| Combined gross monthly income | $10,000 |
| Contract mortgage rate (5-year fixed) | 4.00% |
| Stress test qualifying rate | 6.00% (4.00% + 2%) |
| Amortisation period | 25 years |
| Down payment | $60,000 (saved) |
| Monthly property tax estimate | $350 |
| Monthly heating estimate | $100 |
| Monthly condo fees | $500 (50% = $250 counted) |
| Other monthly debts (car payment) | $400 |
Step 1: Calculate Maximum Housing Costs Using GDS
Maximum GDS = 39% of gross monthly income
$10,000 x 0.39 = $3,900 per month for housing costs
Subtract non-mortgage housing costs:
$3,900 - $350 (property tax) - $100 (heating) - $250 (50% of condo fees) = $3,200 available for mortgage payment
Step 2: Calculate Maximum Housing Costs Using TDS
Maximum TDS = 44% of gross monthly income
$10,000 x 0.44 = $4,400 for all debt payments
Subtract non-mortgage costs and other debts:
$4,400 - $350 (property tax) - $100 (heating) - $250 (50% condo fees) - $400 (car payment) = $3,300 available for mortgage payment
Step 3: Use the Lower Amount
The GDS calculation limits us to $3,200 per month for the mortgage payment. This is the binding constraint.
Step 4: Convert Monthly Payment to Maximum Mortgage Amount
Using the stress test qualifying rate of 6.00% over a 25-year amortisation:
A monthly payment of $3,200 at 6.00% over 25 years supports a mortgage of approximately $497,000.
Step 5: Calculate Maximum Purchase Price
| Component | Amount |
|---|---|
| Maximum mortgage amount | $497,000 |
| Down payment | $60,000 |
| Maximum purchase price | $557,000 |
What Does Your Actual Monthly Payment Look Like?
Remember, the stress test qualifying rate is only used to determine how much you can borrow. Your actual mortgage payments are based on your contract rate of 4.00%.
| Payment Component | Monthly Amount |
|---|---|
| Mortgage payment (at 4.00%, 25-year amortisation) | $2,619 |
| Property tax | $350 |
| Condo fees | $500 |
| Heating | $100 |
| Total monthly housing cost | $3,569 |
At $3,569 per month on a gross income of $10,000, your actual housing cost ratio is about 35.7% — well within the 39% GDS limit. The stress test simply ensures you could still manage if rates rose significantly.
Note for first-time buyers: If you qualify for the 30-year amortisation now available for first-time buyers and new construction on insured mortgages, your qualifying amount increases. With a 30-year amortisation at the same stress test rate, the same $3,200 monthly payment supports a mortgage of approximately $535,000, bringing your maximum purchase price to around $595,000. That is roughly $38,000 more buying power.
Want to understand all the costs involved beyond the mortgage? Read our complete breakdown of closing costs in Toronto for 2026.
Documents You Need for Mortgage Pre-Approval
Lenders require thorough documentation to verify your financial situation. Having these ready before your appointment will speed up the process significantly. Here is what you need to prepare:
Proof of Income
- T4 slips from the past two years
- Recent pay stubs (most recent 30 days)
- Notice of Assessment (NOA) from the Canada Revenue Agency for the past two years
- Employment letter confirming your position, salary, and length of employment
- If self-employed: two years of T1 General tax returns, financial statements, and potentially articles of incorporation
Identification
- Two pieces of government-issued photo ID (driver's licence, passport, or permanent resident card)
- Social Insurance Number (SIN) for the credit check
Asset Documentation
- Bank statements (past 90 days) showing your down payment savings
- Investment account statements (RRSP, TFSA, FHSA, non-registered accounts)
- If receiving a gifted down payment: a gift letter from the donor confirming the funds are a gift and do not need to be repaid
Debt and Liability Disclosure
- Full list of all outstanding debts: credit cards, car loans, student loans, lines of credit
- Current statements for each debt showing balance and minimum payment
- Details of any financial obligations such as child support or alimony
Property Information (if You Have a Specific Property in Mind)
- MLS listing details or purchase agreement
- Property address and purchase price
- For condos: status certificate, condo fees, and reserve fund details
Pro tip: Organise all your documents digitally in a single folder before your appointment. Many lenders and mortgage brokers now accept secure digital uploads, which speeds up the process considerably.
Step-by-Step Mortgage Pre-Approval Process
Here is exactly what to expect when going through the mortgage pre-approval process in Ontario.
Step 1: Check Your Credit Score
Before approaching a lender, check your credit score through a free service like Borrowell or Credit Karma. For the most competitive mortgage rates in Canada, you will want a score of at least 680. Some lenders will work with scores as low as 600, but you will face higher rates and fewer options.
If your score is below 680, take time to improve it before applying. Pay down credit card balances, make all payments on time, and avoid opening new credit accounts.
Step 2: Calculate Your Budget
Use the GDS and TDS ratios explained above to estimate how much you can afford. Factor in your down payment, monthly income, existing debts, and estimated property taxes and condo fees for the type of home you are considering.
Step 3: Gather Your Documents
Collect everything listed in the documents section above. The more complete your file, the faster your pre-approval will be processed.
Step 4: Choose Your Lender or Mortgage Broker
You have two main options:
- Go directly to a bank or lender: They can only offer you their own products. Convenient if you already have a banking relationship.
- Use a mortgage broker: They shop multiple lenders on your behalf and can often secure better rates. Their service is typically free to you, as they are paid by the lender.
For most GTA buyers, working with a mortgage broker is the recommended approach, as they have access to dozens of lenders and can find the best rate and terms for your situation.
Step 5: Submit Your Application
Meet with your lender or broker, submit your documents, and authorise the hard credit check. Be completely honest about your income, debts, and financial situation. Any discrepancies discovered later can derail your mortgage approval.
Step 6: Receive Your Pre-Approval Letter
Within 1 to 5 business days, you will receive your pre-approval letter stating:
- The maximum mortgage amount you qualify for
- The interest rate locked in for you
- The term (usually 5 years)
- The amortisation period
- How long the rate hold is valid (90 to 120 days)
- Any conditions that must be met for final approval
Step 7: Start House Hunting
With your pre-approval letter in hand, you are ready to start searching for your new home with confidence. Browse pre-construction and resale homes across the GTA on Condo123.
Insured vs. Uninsured Mortgages
Whether your mortgage is insured or uninsured affects your rate options, your amortisation choices, and your overall cost. Understanding the difference is critical before you get pre-approved.
Insured Mortgages (Less Than 20% Down)
If your down payment is less than 20% of the purchase price, you are required by law to purchase mortgage default insurance through one of three providers: CMHC, Sagen, or Canada Guaranty. Key features:
- Minimum down payment: 5% (for homes under $500,000; sliding scale above that)
- Maximum purchase price: $1,499,999 for insured mortgages
- Insurance premium: 2.8% to 4.0% of the mortgage amount, typically added to the mortgage balance
- 30-year amortisation now available for first-time buyers and new construction (as of 2026)
- Often the lowest interest rates, because the lender's risk is covered by insurance
Uninsured Mortgages (20% or More Down)
If your down payment is 20% or more, you do not need mortgage default insurance. Key features:
- No insurance premium required
- Maximum amortisation: 25 years (30-year amortisation is generally not available for uninsured mortgages)
- Interest rates may be slightly higher than insured rates, because the lender bears the full default risk
- Required for properties priced at $1,500,000 or above
Rate Comparison: Insured vs. Uninsured
| Feature | Insured (under 20% down) | Uninsured (20%+ down) |
|---|---|---|
| Typical 5-year fixed rate | 3.84% to 4.20% | 4.09% to 4.43% |
| Mortgage insurance premium | 2.8% to 4.0% of mortgage | None |
| Maximum amortisation | 30 years (first-time buyers / new construction) | 25 years |
| Maximum purchase price | $1,499,999 | No limit |
Which is better? It depends on your situation. Insured mortgages offer lower rates and longer amortisation for first-time buyers, but you pay an insurance premium. Uninsured mortgages avoid the premium but come with higher rates and a shorter amortisation period. For many GTA buyers purchasing in the $500,000 to $800,000 range, an insured mortgage with 10% to 15% down can be the most cost-effective approach.
Pre-Approval for Pre-Construction Purchases
If you are considering a pre-construction condo or townhome in the GTA, the pre-approval process works differently in several important ways.
The Timing Gap
Pre-construction homes typically take 2 to 5 years from purchase to occupancy. Since a standard pre-approval rate hold lasts only 90 to 120 days, the rate you are quoted today will not be the rate available when you actually need the mortgage at closing.
This means getting pre-approved for a pre-construction purchase is less about locking in a rate and more about:
- Confirming your current borrowing capacity so you know what price range to shop in
- Identifying any financial issues that need to be addressed before the closing date arrives
- Demonstrating to the developer that you have the financial means to complete the purchase
Deposit Structure
Pre-construction purchases require deposits paid in instalments over the first 12 to 24 months, typically totalling 15% to 20% of the purchase price. You do not need a mortgage until the building is complete and you take occupancy. This means:
- Your initial pre-approval tells you if you can afford the unit at today's rates
- You will need to get a new pre-approval approximately 90 to 120 days before the anticipated closing date
- Rates at closing could be higher or lower than they are today
Planning Ahead
For pre-construction buyers, the key is to stress-test your own finances more conservatively than the lender requires. Ask yourself:
- Could I still afford this mortgage if rates were 1% to 2% higher at closing?
- Will my income remain stable or grow over the construction period?
- Am I taking on any new debts that could affect my TDS ratio at closing?
Working with a mortgage broker who specialises in pre-construction can help you model different rate scenarios and plan accordingly.
Common Reasons Pre-Approval Gets Denied
Understanding why pre-approvals get denied helps you avoid these pitfalls. Here are the most common reasons lenders decline mortgage pre-approval applications:
1. Recent Job Changes
Lenders value employment stability. If you have recently changed jobs, especially if you moved to a new industry or switched from salaried to self-employed, lenders may view this as increased risk. Ideally, you should be in your current role for at least three months before applying, and most lenders prefer to see at least one year of stable employment.
2. New Debt Taken On
Opening a new credit card, financing a car, or taking on any new debt before or during the pre-approval process can push your TDS ratio above the 44% limit. Avoid any new borrowing in the months leading up to your application.
3. Undisclosed Liabilities
If you fail to mention an existing debt, the lender will discover it during the credit check. This not only affects your ratios but also raises concerns about your credibility as a borrower. Always disclose everything upfront.
4. Low Credit Score
While some lenders accept scores as low as 600, a score below 680 limits your options significantly. Late payments, collections, or high credit utilisation will drag your score down.
5. Insufficient Down Payment
If your down payment funds cannot be verified, or if they appear to be borrowed rather than saved or gifted, the lender may decline your application.
6. Property Appraisal Issues
While this typically arises at the final approval stage rather than pre-approval, if you have a specific property in mind and it appraises for less than the purchase price, the lender may reduce the mortgage amount or decline the application entirely.
7. Inconsistent Income Documentation
If your stated income does not match your T4s, pay stubs, or Notices of Assessment, the lender will flag this. Self-employed borrowers face extra scrutiny and may need to show two to three years of consistent income.
Tips to Strengthen Your Pre-Approval Application
Taking these steps before you apply can maximise your approval amount and help you secure the best possible rate:
- Pay down existing debts. Reducing your car loan balance or credit card debt directly improves your TDS ratio and increases your borrowing capacity.
- Boost your credit score. Pay all bills on time, keep credit card utilisation below 30%, and avoid applying for new credit in the six months before your mortgage application.
- Save a larger down payment. A bigger down payment reduces the mortgage amount you need and can move you from insured to uninsured territory (or reduce your insurance premium).
- Stabilise your employment. If you are considering a job change, try to do it well before you apply for pre-approval — or wait until after you have closed on your home.
- Organise your documents. Having everything ready and accurate from day one shows the lender you are a serious, well-prepared borrower.
- Avoid major purchases. Do not buy a new car, expensive furniture, or anything else on credit in the months leading up to your application.
- Consider a mortgage broker. Brokers can shop multiple lenders and often find better rates than you would get walking into your bank.
Unsure whether buying makes sense for your situation? Our rent vs. buy analysis for Toronto in 2026 can help you decide.
What Happens After Pre-Approval?
Getting pre-approved is a major milestone, but it is not the finish line. Here is what to keep in mind between pre-approval and closing:
- Do not change your financial situation. Avoid changing jobs, taking on new debt, making large purchases, or co-signing loans for anyone else. Your lender will re-verify your finances before final approval.
- Watch the rate hold expiry. If your 90- to 120-day rate hold is about to expire and you have not found a home, contact your lender or broker to renew or extend it.
- Get final approval quickly. Once you have an accepted offer, submit the purchase agreement to your lender immediately. They will order a property appraisal and finalise your mortgage approval.
- Budget for closing costs. Your mortgage covers the purchase price, but you will also need funds for closing costs including land transfer tax, legal fees, and other expenses.
Frequently Asked Questions
Does getting pre-approved affect my credit score?
Yes, but only slightly. A mortgage pre-approval requires a hard credit inquiry, which typically lowers your credit score by 5 to 10 points temporarily. The impact fades within a few months. If you apply to multiple lenders within a short window (usually 14 to 45 days), credit bureaus treat these as a single inquiry, recognising that you are rate shopping rather than seeking multiple loans. This is one reason why working with a mortgage broker — who submits one application shopped to multiple lenders — can be advantageous.
How long does a mortgage pre-approval last?
Most lenders hold your pre-approved rate for 90 to 120 days. After this period, you will need to reapply, and the rate may change based on current market conditions. If you are getting close to the expiry date and have not found a property, contact your lender or broker to discuss renewal options. Some lenders will extend the rate hold, while others will issue a new pre-approval at the current rate.
Can I get pre-approved with a credit score below 680?
Yes, but your options will be more limited. Most major banks and A-lenders require a minimum score of 680 for their best rates. However, B-lenders, credit unions, and some alternative lenders will work with scores as low as 600 or even lower in some cases. The trade-off is that you will likely pay a higher interest rate and may face additional conditions. If your score is below 680, consider spending a few months improving it before applying — even a 20- to 30-point increase can open up significantly better mortgage products.
Should I get pre-approved before looking at homes?
Absolutely. Getting pre-approved before you start searching for homes is strongly recommended for several reasons. First, it prevents you from wasting time on properties outside your budget. Second, it gives you confidence when making an offer. Third, in the fast-moving GTA market, you may not have time to arrange financing after finding a property you love. Many GTA real estate agents will not even take you to viewings until you have a pre-approval letter, as it demonstrates that you are a qualified and serious buyer.
Is there a difference between a big bank pre-approval and a mortgage broker pre-approval?
The pre-approval itself carries the same weight regardless of the source. The difference lies in the rate and terms you are offered. A big bank can only offer its own mortgage products, while a mortgage broker has access to dozens of lenders — including major banks, credit unions, monoline lenders, and alternative lenders. This broader access often means a mortgage broker can find you a better rate or more favourable terms than a single bank. Both types of pre-approval are equally valid when making an offer on a property.
What happens if interest rates drop after I get pre-approved?
Most lenders offer what is known as a "rate drop" or "rate match" policy. If interest rates decrease after you receive your pre-approval but before you close on a property, your lender will typically honour the lower rate. This means your pre-approval effectively acts as a rate ceiling — you are protected if rates go up, and you benefit if rates go down. However, policies vary by lender, so confirm this with your broker or lender when you receive your pre-approval.
Can I be denied a mortgage after being pre-approved?
Yes, and it happens more often than you might think. A pre-approval is conditional, meaning the lender can revoke it if your circumstances change before final approval. Common reasons for denial after pre-approval include: your income or employment situation changes, you take on new debt (such as financing a car or opening a new credit card), the property you choose does not meet the lender's criteria (structural issues, zoning problems, or an appraisal that comes in below the purchase price), or previously undisclosed liabilities surface during the final verification. To protect your pre-approval, keep your finances as stable as possible between pre-approval and closing day.
Ready to Get Pre-Approved? Here Is Your Action Plan
Getting a mortgage pre-approval in Ontario is not difficult, but it does require preparation. Here is a quick summary of the steps to follow:
- Check your credit score — aim for 680 or higher for the best rates.
- Pay down debts — lower your TDS ratio to maximise your borrowing power.
- Gather your documents — T4s, pay stubs, NOAs, bank statements, and ID.
- Contact a mortgage broker — let them shop the market on your behalf.
- Submit your application — provide complete and accurate information.
- Receive your pre-approval letter — know your budget and lock in your rate.
- Start your home search — browse GTA listings on Condo123 with confidence.
The GTA real estate market rewards prepared buyers. With a pre-approval in hand, you will know exactly what you can afford, you will be protected against rate increases, and you will be ready to act quickly when the right property comes along.
Have questions about the home buying process? Explore our first-time home buyer guide for a comprehensive overview of every step from saving your down payment to getting your keys.